Jurisdiction(s):
United Kingdom

FCA PROD 4 insurance product governance (UK): scope, manufacturers’ and distributors’ obligations, target markets, fair value assessments, post‑Brexit onshoring, recent changes, supervision and enforcement

Published by a LexisNexis Financial Services expert

Practice notes

This Practice Note outlines the UK framework for product governance that insurance firms must follow when manufacturing and distributing insurance products. It explains how the rules introduced by the Insurance Distribution Directive (Directive (EU) 2016/97) (IDD) were transposed in the UK, as reflected in Chapter 4 of the Financial Conduct Authority’s Product Intervention and Product Governance sourcebook (PROD 4), and summarises the position of those rules after the UK’s withdrawal from the EU...

Background IDD product oversight and governance requirements

The IDD brought in product oversight and governance (POG) duties for insurers and intermediaries that design insurance products for customers. Under Article 25, firms must establish, run and periodically review a product approval process for every insurance product—and for any material changes to an existing product—before it is marketed or distributed. That process must be proportionate and suited to the product’s characteristics, define a target market for each product, evaluate all relevant risks for that market, and take reasonable steps to ensure distribution is confined to the identified target market. For further information, see: EU Insurance Distribution Directive (IDD)—organisational and conduct of...

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Web page updated on 22/05/2026

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